Bitcoin (BTC) Price Explosion, Ripple (XRP) Advances, Shiba Inu (SHIB) Burn Rate: Bits Recap Oct 25

TL; DR

Bitcoin could be closer to $35,000, possibly due to US SEC approval of BlackRock's Bitcoin ETF. XRP rises by $0.58 after Ripple's rule-of-law win at US SEC. The April 2024 trial could be crucial. SHIB's burn volume has increased 400%, but the token only sees a 5.5% price increase in the past week.

BTC increase to $35K

It can be said with certainty that it is the amazing price increase of the leading digital asset, which reached almost $35,000 on October 24 (CoinGecko data), one of the most trending topics in the cryptocurrency space in the last few days.

The high (not seen in the last year and a half) created a frenzy in the market, after which many alternative coins rallied to levels not seen in several months.

The BTC explosion may be due to rumors that the US Securities and Exchange Commission (SEC) recently approved BlackRock to launch a spot Bitcoin ETF in the United States. Moreover, it was the product Listed. with the Depository Trust & Clearing Corporation, and some speculated that this was the last step before a long-awaited rebuke from the regulator.

Many analysts and even the AI-powered language model ChatGPT have suggested that the approval of a spot BTC ETF in the US could further boost the valuation of the main cryptocurrency. Other factors that could play a role are the upcoming halving, demand from institutional investors, mass adoption and more.

Those willing to check out the top five Bitcoin price predictions from experts can watch our curated video below.

How about Ripple (XRP)?

Ripple's native token – XRP – has it too. Sharp At best, it hit a new two-month high above $0.58 on October 24. However, it recovered slightly in the following hours and currently hovers around $0.55.

The blockchain enterprise has been on a winning streak with the US SEC, scoring some crucial partial victories over the past three months. In July, a US federal judge ruled that Ripple's programmatic sale of XRP years ago did not constitute investment contracts. The SEC was not happy with the decision and formally appealed.

However, the judges rejected those intentions and gave Ripple another win. Also present were CEO Brad Garlinghouse and executive producer Chris Larson. It has been cleared Of all the charges brought against him by the guard.

A decisive victory for Ripple in the case against the SEC is expected to have a positive impact on the price of XRP and the entire cryptocurrency market. A grand trial scheduled for April 2024 should reveal the results of the long battle.

We have released a video showing the potential direction of XRP in the remaining months of 2023. For more information readers click on the clip below:

The SHIB burning program is going as planned

The popular memecoin – Shiba Inu – has also made headlines lately. The burn volume increased by approximately 400% yesterday (October 24th), meaning that approximately 150 million tokens were sent to addresses that no one could access.

The burning program aims to reduce the total supply of SHIB and make the asset more scarce and valuable in the future.

Despite those efforts, the token did not perform as well as other memecoins, registering a 5.5% increase in the last week.